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Saturday, February 8, 2014

303 Julia Street - Key West - Bank Owned Investment Property

The Old Stone Church located 330 Julia Street (corner of Whitehead and Julia Street) in Key West is now a Bank Owned property that is offered for sale at $895,000 or $190 per sq ft. Preferred Properties Key West is the listing broker for this property, that's where I work but this is not my listing. The property is no longer used as a church but instead has been converted into a unique mix of commercial space and three residential apartments.
330 Julia Street - 1965
Author J. Willis Burke writes in his book THE STREETS OF KEY WEST the AME Zion Church at 704 Whitehead Street (same location, just a different address attributed) was established by freed slaves in 1865 and was originally called the First African Methodist Church. Burke says the current building dates from 1894, but records show it was built in 1900. Later it was called the Stephens AME Zion Church. The property was renovated after 1993 and converted at that time into the present usage as a unique mix of commercial space and three residential apartments. The property is zoned HMDR (CLICK to City of Key West).
The building today has a total of 4849 sq ft of interior space which is divided between the commercial space which until recently housed a gallery and offices plus the three residential apartments. Among the features of this beautiful building are Dade County Pine ceilings and original beams; hardwood, tile, and carpeted flooring; and central air conditioning. Two of the apartments are two bedrooms (each split with a second bedroom on the second floor) and a one bedroom apartment. (There may be more apartments than are currently licensed.) The commercial space has central air conditioning whereas the apartments have individual units. The commercial and residential spaces also have individual electric service. This property provides and excellent opportunity for a buyer looking for commercial property located in a prime area of Key West and that offers supplemental income. CLICK HERE to view a slide show of photos I took of this amazing property as it appeared in 2012. (Some of the stained glass was removed prior to bank taking possession.)

The building is located just five blocks from the Monroe County Courthouse. The location would surely attract steady foot traffic as it is located one block south of the Hemingway House and just a couple of blocks north of the Southernmost Point. Tourists from all over the world walk past this location daily.

All but one of the apartment licenses have been suspended by the City of Key West due to non-payment of sewer bills. A new owner will need to apply to the City for restoration of the licenses which may include back payment of fees (and or fines or both) for several years.

I am confident this Bank Owned Property will go under contract within a matter of days because the property is architecturally very attractive and offers many opportunities for uses.It is priced to sell.  Don't wait for somebody else to scoop up this deal. To see the inside please contact me, Gary Thomas, 305-766-2642 to schedule a showing. I am a buyers agent and a full time Realtor at Preferred Properties Coastal Realty, Inc.  Let me help you find your place in Key West.    

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Key West, Florida, United States
I first read about Key West in a magazine called "After Dark" sometime in the mid 1970's. But it wasn't until March 1984 that I made my first visit to the island that would become my home. I had two weeks for a vacation and reserved a room at Colours Guesthouse (now Marrero's Guest House) for one week. I thought that if I didn't like Key West, I could always go back to Miami or Ft. Lauderdale for the rest of my trip. But after a couple of days in Key West, that was no longer a consideration. But when I wanted to extend my stay for the extra week I found there was no room at the inn. The guesthouse owner did find me a room at LaTeDa, the infamous guesthouse/restaurant. That's a story I'll write another day. But those two weeks in Key West gave me the realization that I had found Paradise. Key West has been my home since 1993 and my only regret is that it took me so long to get here. I am a full time Realtor at Preferred Properties CRI. Let me help you find your new home or business in Paradise. Living in Paradise is not a slogan, it's a way of life.